Wednesday, June 28, 2017

RIHousing has announced a new Reverse Mortgage Assistance program to provide financial assistance to help senior homeowners with reverse mortgages who are facing foreclosure.

Reverse Mortgage Assistance offers up to $50,000 to eligible seniors with reverse mortgages who are behind on their property charges. Funding received through the program can be used to pay property taxes, homeowners’ insurance and homeowners’ and/or condo association dues and other property-related charges.

The program is funded through the Hardest Hit Fund Rhode Island (HHFRI) and administered through Rhode Island Housing. The U.S. Treasury provides Hardest Hit program funds to Rhode Island Housing to help prevent foreclosures and stabilize the housing market.

HHFRI is only available to homeowners who have a documented qualifying financial hardship and have exhausted all options to avoid foreclosure.